A lacklustre Asia-Pac session, as mkts......>

US TSYS: A lacklustre Asia-Pac session, as mkts await clarity re: the impending

FOMC decision & the repercussions of the attack on Saudi crude facilities, while

$ funding matters continue to draw interest. T-Notes stuck to a tight range,

last +0-03 at 129-12, with yields marginally lower. Looks like the TYX9 132.00

calls may have been sold to finance the buying of the 1 x 1.5 TYX9 129.00/128.00

put spread, but there was little clarity on direction (looks like ~4.5K were

executed). Eurodollar futures unch. to 0.5 tick lower thru the reds. 

- The NY Fed noted that there will be another $75bn round of o'night repo ops on

offer today "to help maintain the FFR within the target range." Tuesday's ops

saw a slight delay on the back of tech difficulties, with $53.1bn/$75bn on offer

allotted. Some noted that the undersubscription was likely owing to most of the

day's o'night borrowing being completed well before the Fed executed.

- The FOMC decision dominates the global docket, with most looking for a 25bp

cut. Funding mkt dynamics heighten the focus on any rhetoric re: liquidity

matters, particularly re: the standing repo facility, which the Fed is of course

cognisant of, though it is unlikely that such a facility will be ready yet.